Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is shifting its attention to the automotive industry, and the next step is to make place in the U.S. auto insurance market. As informed by Forrester analyst Ellen Carney on Thursday, Google will soon test launch a shopping site on which the prospective customers could compare and buy policies.
Similar service in U.K.
Google Compare, which will be an auto insurance comparison shopping site, will soon be tested by the search engine giant as informed by Carney. For more than two years the service is being pitched to the insurance providers by the company, says Carney. Similar service is offered by Google to customers in the U.K., and it allows the users to compare and chose from over 125 auto insurance options. Whenever an online or telephonic insurance sale is made through its site, Google takes a cut from the amount of sale.
In the first-quarter of 2015, Carney expect the internet firm to pilot test the new service. Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is working with few major insurers like Dairyland, MetLife and others, and already has licenses for selling auto insurances in 26 states. Also, a Google employee is licensed to sell insurance on behalf of CoverHound, San Francisco-based insurance firm, informs Reuters.
A report from the Wall Street Journal citing a person familiar with the matter informs that Comparenow.com and Google are also working together. The said company is a unit of Admiral Group PLC, which is an auto insurer based in the U.K. The source, further, informed that CompareNow has its operations in 48 states and is connected with 31 insurance carriers.
Google exploring new revenue streams
Internet search and advertising are the home turf of Google, and it is trying hard to expand beyond those since past few years. Google, for long, has been exploring the online searches for specific industries or markets, according to industry experts. It is making use of its technological dominance for expanding into relevant and diverse fields like self-driving cars and robotics. For instance, we already have a site from Google Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) for comparing travel destinations, and finding the cheapest flights and fares.
There is a growing trend of auto insurance sales going online, and the trend will get further accelerated once Google enters the space.
